This is the full 7-25-11 episode of the Labor Express Radio program.
On today's episode of Labor Express Radio we will hear once again from economist Dr. Jack Rasmus. Dr. Rasmus is a professor of economics at both St. Mary and Santa Clara University in California as well as an economic advisory to the San Francisco Labor Council. He is also the author of the book Epic Recession: Prelude to Global Depression and a forth coming book entitled Obama's Economy: Recovery for the Few. We spoke to Jack on the program less than 2 months ago, but I contacted Jack again Friday to discuss some of the most recent developments regarding the economy. The June jobs report which showed that the official unemployment rate was back up to 9.2% shook the confidence of many mainstream economists who had spent months touting the so called recovery of the past year and a half. I asked Jack if the recent data proves what he has been saying all along, that this "epic recession" as he calls it will drag out for sometime to come unless a massive public investment is made to create jobs. We also discuss the supposed "debt crisis" its true motivations and President Obama's apparently willingness to raise the white flag and accept serious cuts to Social Security, Medicaid and Medicare. We talked about the likely political costs that will come from a Democratic retreat on opposing these cuts. All of that will be covered in the second half of the program.
Before that, we will hear another update on the situation of the locked out steelworkers at Honeywell uranium processing plant in Metropolis Illinois. I spent the last three episodes of Labor Express Radio airing audio I had collected during a visit to mark the one year point in the lock-out the weekend of June 25th. I expected we would not return to that story for at least a few weeks. But last Tuesday it was announced that the company and the union had reached a tentative agreement. However, it is not yet clear if the Local's membership will vote to ratify the agreement. Will get a brief update on the situation from union member Stephen Lech.
Labor Express Radio is Chicago's only English language labor news and current affairs radio program. News for working people, by working people. Labor Express Radio airs every Monday morning at 10:00 AM on Chicago's Sound Alliance, WLUW, 88.7 FM. For more information, see our website at: www.laborexpress.org
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